The right mortgage broker can be a huge asset in your journey to homeownership. Mortgage brokers walk you through the often confusing process of financing your home purchase, and can help you get the best deal on your mortgage.
But not every buyer knows the best way to work with their broker, and there are definitely things brokers wish buyers knew in order to make the process go as smoothly as possible.
So, what are those things? A recent article from realtor.com outlined the top things brokers wish home buyers knew, including:
- Call your broker with any and all questions — and call them first. Your broker is a key part of your real estate team. But some buyers are hesitant to reach out when they have questions or concerns about their mortgage and try to figure things out on their own instead. According to the article, brokers want their clients to feel like they are partners in the homebuying process, and that they should be their first call for any questions regarding financing.
- Understand the rules around down payments. Brokers want their clients to have a clear understanding of the rules around down payments, particularly that they can’t borrow money for a down payment. Any money the buyer receives for a down payment must be considered a gift, and not a loan, and needs to be documented as such; otherwise, it could put the home purchase at risk.
- Don’t make any sudden changes. Many buyers think that once the loan process is in full swing, they’re in the clear and approved to buy their home. But any sudden financial changes — like making a big purchase or switching jobs — can cause the loan to get denied. If you’re thinking about making a change, talk to your broker, but be prepared that their advice will probably be for you to wait until after you close.
